Forum Archive Index - May 2003

["DR" <hamish@webmail.visp.co.nz>]

Has this been published in NZ yet?

looks like GPG will use its cash to buy back shares and not for acquisitions

 

(AFX-Focus) 2003-05-13 07:37 GMT: GPG posts prospectus for Guinness Peat share buyback

LONDON (AFX) - GPG (UK) Holdings PLC said it has today posted a mini-prospectus on its planned issue of up to 156.25 mln listed 8 pct convertible subordinated unsecured loan notes of 20 pence each, due 2005, to satisfy the buyback of up to 62.5 mln ordinary shares of Guinness Peat Group PLC.

As announced by the chairman on March 14 in his statement accompanying the preliminary results for 2002, Guinness Peat Group intends to make an off market tender offer to repurchase up to 10 pct of each shareholder's ordinary shares on the basis of five 8 pct convertible subordinated unsecured loan notes for every two ordinary shares bought back.

The mini-prospectus being posted today shows that acceptance of the buyback offer would result in an increase in gross income of 300 pct.

GPG points out that shareholders should note that this premium may fall or rise prior to July 7, the date on which the buyback offer is expected to become effective.

newsdesk@afxnews.com slm/